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Since Gov. Pat Quinn took office in 2009, the three major rating agencies have downgraded the state’s credit worthiness 11 times.

Because of this, Illinois now pays 1.45 percentage points more than the nation’s top-rated states on 10-year bonds.

And we are now just one more downgrade away from junk-bond status.

“It’s really important to remember that we have had 20 downgrades in the entire history of the state, and 11 of them have been under Pat Quinn,” said state Senate GOP leader Christine Radogno.

“We have seen a period of time here that we have been woefully lacking in leadership and the ability to get something done. I think that has led to the downgrade.”

It’s easy to dismiss percentage points and terms like “junk-bond status” as Wall Street concerns of little importance to the rest of us.

But paying higher interest rates on bonds may mean less money for schools, fewer state troopers patrolling highways, and even longer lines when you renew your driver’s license.

More important, the feedback from rating agencies provides an independent voice giving a prognosis on our state’s financial health.

And that prognosis is clear. Illinois is CTD – circling the drain.

Illinois politicians like to trot out familiar bromides such as: “There are no easy solutions.”

There may not be easy solutions, but it’s worth noting that 49 states have found better ways to manage their finances than Illinois has.

Places like Kansas have actually considered eliminating state income taxes. Illinois lawmakers, on the hand, jacked up our tax rates 67 percent 2 years ago. Rhode Island has embraced pension reform while Illinois has dithered.

And before we start hearing that Illinois needs to raise its taxes again to improve its credit, please note that the state is taking in more tax revenue now than it has at any time in its 195-year history.

Yeah, you read that right.

We are taking in money at a steady clip, but still heading toward bankruptcy.